Systems and methods for electronic trading

ABSTRACT

Systems and methods of changing electronic trade order properties are provided. A GUI display is provided that displays features regarding placed electronic trade orders. The GUI may include further features for quickly and easily changing features. For example, a first button maybe provided that lists current properties of a selected electronic trade order and is not available for user interaction. A second button may be provided that lists an available change to the current properties of the selected electronic trade order and is available for user interaction. If the second button is activated, one or more electronic cancel and replace orders are executed to create a new order having properties of the selected electronic trade order and at least one changed property that is listed by the second button. The GUI is then updated to reflect the new orders.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a Continuation of U.S. patent application Ser. No.13/361,292, filed Jan. 30, 2012, which is a claims priority to U.S.Provisional Patent Application No. 61/437,285, filed Jan. 28, 2011, theentire contents of each of which are incorporated herein by reference intheir entirety.

BACKGROUND OF THE INVENTION Field of the Invention

The present invention relates generally to the field of financialsystems and financial trading displays. More specifically, the inventionrelates to methodologies for placing, cancelling and replacingelectronic trade orders being worked by various brokers at variouselectronic trading venues from a trader's electronic trading system.

Background of the Related Art

Since the beginning of financial markets, traders have had to accountfor trade orders that have been placed, executed, cancelled, etc. Untilrelatively recently, traders kept paper blotters that were little morethan traditional accounting books. Technological advancements have ledto electronic trading systems capable of performing the functions of thetraditional trade blotter in a more automated fashion. Further, theseelectronic systems have changed the way that traders manage and executetheir electronic trade orders.

For example, an order management improved graphical user interface (OMS)is an electronic trading improved graphical user interface that mayallow traders to route electronic trade orders to electronic tradingvenues and subsequently monitor the electronic trade orders as they arefilled (Le., as the trade orders are worked). Additionally, there areother types of electronic systems have blotter functionality. Forexample, execution management systems (EMSs) have features that allowtraders to place electronic trade orders at electronic trade venues andsubsequently monitor the electronic trade orders as they are worked.These types of electronic trading systems often utilize the financialinformation exchange protocol (FIX protocol) to communicate with otherelectronic financial systems, including electronic trade venues.

These electronic trading systems, while providing increasedfunctionality, provide an enhanced amount of electronic trade orderinformation. This enhanced electronic trade order information oftencomplicates access to the information within the electronic tradingsystems. For example, when monitoring electronic trade orders within anelectronic trading system, traders often have to open several displaywindows or menus in order to access vital information. These additionalcomplications contribute to the increased chance of user error and timedelay when placing, cancelling and replacing electronic trade orders.For example, the additional complications of an electronic tradingimproved graphical user interface could complicate what should be arelatively simple cancel and replace process.

Because the trading environment is ever-changing, it is important thattraders be provided with the ability to quickly place and/or changeelectronic trade orders, e.g., to account for current market conditions.As described above, electronic trading systems often require complicatedsteps, such as the opening of multiple display windows and/or menus, inorder to place or track electronic trade orders, or even to simply getinformation regarding the current parameters of a placed electronictrade order. Thus, there is a need for improved systems and methods thatmore efficiently allow traders to monitor, place, cancel, and replacetrade orders that are being worked at various brokers/trading venuesfrom a trader's trading display.

SUMMARY OF THE INVENTION

The present invention solves the existing need in the art by providing asystems and methods for the use of enhanced electronic trading improvedgraphical user interface trading controls. More specifically, thepresent invention places controls for placing electronic trade ordersand/or changing the parameters of already placed electronic trade ordersdirectly on a trader's electronic order blotter. According to variousembodiments of the present invention, the electronic order blotterdisplays any, some, or all of open orders, cancelled orders,contemplated orders, completed orders, or any other order type.

Systems and methods of changing electronic trade order properties areprovided. A GUI display is provided that displays features regardingplaced electronic trade orders. The GUI may include further features forquickly and easily changing features. For example, a first button maybeprovided that lists current properties of a selected electronic tradeorder and is not available for user interaction. A second button may beprovided that lists an available change to the current properties of theselected electronic trade order and is available for user interaction.If the second button is activated, one or more electronic cancel andreplace orders are executed to create a new order having properties ofthe selected electronic trade order and at least one changed propertythat is listed by the second button. The GUI is then updated to reflectthe new orders.

The present invention will become more fully understood from theforthcoming detailed description of preferred embodiments read inconjunction with the accompanying drawings. Both the detaileddescription and the drawings are given by way of illustration only, andare not limitative of the present invention as claimed.

BRIEF DESCRIPTION OF THE DRAWINGS

FIGS. 1a-1e are exemplary illustrations of a graphical user interface(GUI) of an electronic trading system.

FIG. 2 is a flow diagram illustrating the steps according to anembodiment of the present invention;

FIG. 3 is a diagram illustrating an exemplary network over which thepresent invention could be implemented;

FIG. 4 is a computer diagram illustrating an exemplary apparatus forimplementing the present invention.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

The present invention provides an enhanced electronic trading displaythat allows for more efficient trader control over his or her electronictrade order (both placed and unplaced). While the present invention isenvisioned for use within OMS and EMS displays, it could also beintegrated into other electronic trading tools and systems that allowfor the placement and monitoring of electronic trade orders. Forexample, the present invention could be used to enhance the traders'interactivity with the displays of ITG Inc.'s Channel, Triton, Matrix,and Radical products.

Embodiments of the present invention can be implemented through the useof computer hardware or a combination of computer hardware and computersoftware. Embodiments of the present invention are envisioned to be usedin a client/server network environment, web enabled environment, orother efficient computer architecture. For example, in a client/serverenvironment settings related to the present invention (as discussed infurther detail below) could be stored and transmitted from a servercomputer to a trader's client computer. In one embodiment of the presentinvention the computer(s) used are configured to run electronic tradingsystems (e.g., OMS or EMS) and are in electronic communication, via oneor more electronic communications networks (e.g., LAN, WAN, Internet)with electronic trade venues. One having ordinary skill in the art wouldunderstand that various network topologies could be used to implementthe present invention.

As described above, current electronic trading systems have greatlyenhanced the trader's ability to control his or her electronic tradeorder flow. Unfortunately, enhancements have made trader's improvedgraphical user interface more and more complicated. The currentinvention, according to one embodiment of the present invention, allowsa trader to both access electronic trade order information and place(and/or change) electronic trade orders without having to open and closemultiple windows or menus within an electronic trading system. Accordingto one embodiment of the present invention, on-display features, such asbuttons, mouse-over, etc., can be provided that display the parametersthat apply to one or more selected, already placed electronic tradeorders. Additionally, these features allow a trader to efficiently alterone or more parameters of one or more selected trade orders, and theinvented improved graphical user interface is configured to seamlesslymake the changes to the orders in the marketplace.

For example, the buttons may be used to alter any or all of anelectronic trade order's parameters, including, but not limited to:destination, quantity, order type, limit price, limit price offset,accounts, portfolio codes, regulatory identifications and flags, andalgorithmic trading parameters (e.g., strategy name, start and endtimes, urgency, participation rates, and participation caps). Whenaltering an electronic trade order's parameters, according to thepresent invention, a cancel and replace order may be utilized.

A cancel and replace order is typically a single message to anelectronic trade venue that both cancels an existing electronic tradeorder at the electronic trade venue and replaces the cancelled orderwith a new order which might have different properties. A single messagecan generally be used to send a cancel and replace order so long as thereplacement order is submitted to the same broker and electronic tradingvenue, and the venue accepts such orders. If the replacement order is tobe submitted to a different broker or electronic trading venue, a morecomplicated process called a synthetic cancel and replace order can beused.

A synthetic cancel and replace order appears to the user of anelectronic trading improved graphical user interface to be a normalcancel and replace order. However, the actual workings are verydifferent. In using a synthetic cancel and replace order, a traderchanges the broker or electronic trade destination for the replacementorder in the same manner as a normal cancel and replaces order. However,in order to actually effectuate the cancel and replace, the followingprocess is used: (1) the electronic trading improved graphical userinterface cancels the existing order; (2) the electronic tradingimproved graphical user interface waits for acknowledgement of thecancellation; (3) the electronic trading improved graphical userinterface calculates the remaining order quantity to account forlast-minute fills; and (4) the electronic trading improved graphicaluser interface sends a new order with the updated parameters to anelectronic trading venue.

Both normal and synthetic cancel and replace orders may be used tochange a variety of parameters of an outstanding electronic trade order.However, other scenarios are more complicated. For example, a tradercould submit an electronic trade order to an algorithmic trading product(such as ITG Algorithms^(SM)). Algorithmic trading programs divide largeelectronic trade orders into smaller electronic trade orders andsubsequently submit the smaller electronic trade orders to one or moreelectronic trade venues according to a specific trade strategy.Algorithmic trading programs control various properties of the smallerelectronic trade orders, including: time of submission, price, quantity,etc. There are numerous algorithmic trading strategies that are employedby traders. For example, ITG INC., offers at least the followingalgorithms: participation weighted price, active, flexibleparticipation, volume participation, time weighted average price (TWAP),volume weighted average price (VWAP), best market server, foreign (FX)exchange server, close, float, raider, hedge pro, dynamic implementationshortfall, and dark list. Naturally, in utilizing the various availabletrading strategies (including, but not limited to, algorithmic tradingstrategies), traders find that there are certain strategies that workbest in certain situations. Moreover, traders often find that they relyon a particular set of strategies more often than other availablestrategies. The present invention also allows a trader to easily monitorand alter algorithmic trades.

According to one or more embodiments of the present invention, thefeatures can be preset according to a trading firm's or trader'sstandardized defaults. According to another embodiment of the presentinvention, the buttons are preset by a trader according to the trader'spreferences and/or rules. In one configuration, a trader could presethis or her buttons to always be the same no matter what the currenttrading conditions or situation. In a different configuration, a tradercould implement a series of rules or conditions that determine thebuttons that are displayed and available to that trader. Thus, a tradercould establish any of the following, non-exclusive and non-limiting,exemplary rules or conditions: broker direction (i.e., restricting thedisplayed buttons if a selected electronic trade order is required to beworked at a particular broker), broker restriction (i.e., not displayingbuttons that are invalid for a particular broker), asset class (i.e.,restricting the buttons displayed based on the asset class of theselected electronic trade order, for example futures), regional (i.e.,not showing buttons that are invalid for a particular region), andstrategy (e.g., only showing VWAP buttons when a selected electronictrade order is a VWAP order).

According to another embodiment of the present invention, a trader couldestablish rules that are based on both the selected electronic tradeorder and current market conditions and a selected order's properties(e.g., quantity, price, etc.). Thus, the features for a selectedelectronic trade order could change based on changing market conditions.Moreover, according to another embodiment, the electronic tradingimproved graphical user interface could generate buttons independent ofa trader's rules. These improved graphical user interface generatedbuttons could reflect trading suggestions based on, but not limited to,current market conditions, historical trading data, and a trader'sparticular preferences (e.g., risk aversion).

According to another embodiment of the present invention, a trader couldlock one or more aspects of an electronic trade order, thus alteringwhich buttons are displayed. In one configuration, a trader might lockan order as VWAP, thus restricting any buttons to change the algorithmicstrategy but allowing buttons to change the broker of the order. Inanother configuration, a trader could lock the broker, thus restrictingany buttons to change the broker but allowing buttons to change thetrading strategy of the selected order at the designated broker.

FIGS. 1a-1e a screen shots of a GUI of an electronic trading improvedgraphical user interface 100 (e.g., OMS or EMS) according to one or moreembodiments of the present invention. As illustrated in FIG. 1a , threeelectronic trade orders 102, 104, 106 are listed in the Open Ordersscreen of an electronic trading system. The GUI 100 lists fields, whichrepresent parameters of the electronic trade orders. The fields mayinclude ID, Status, Action, Side, Ticker, Size (size of the electronictrade order), Type, Dest (Destination), Open (amount of the electronictrade order still outstanding), Filled (amount of the electronic tradeorder that has been executed), Avg. Price (average price of the executedportion of the electronic trade order), and Owner for each of the threeelectronic trade orders 102, 104, 106. For example, electronic tradeorder 102 has the following properties: ID=22, Status=New, Action=Ack,Side=S (SELL), Ticker=SNDK, Size=1,000, Type=L 49.35 (limit order with aprice of $49.35), Dest=ITG Raider LOW (ITG Raider algorithm with lowurgency), Open=1,000, Filled=0, Avg. Price=0, and Owner=jmckeon. Asdiscussed above, the buttons of the present invention could be setup,according to various embodiments, to change any or all of the abovedescribed properties. According, the buttons actuate processes(described below) for changing one or more electronic trade orders,including algorithmic orders, already placed in the market place.Additionally, one of ordinary skill in the art would understand thatother adjustable properties of an electronic trade order could bealtered using various embodiments of the present invention.

As shown in FIG. 1a , three GUI features, in this example buttons 110,112, 114, that are shown for the selected trade order 104. Button 110corresponds to destination ITG Raider, High urgency. Button 112corresponds to destination ITG Raider, Low urgency. Button 114corresponds to destination Jefferies Blitz. Thus, buttons 110 and 112both correspond to algorithms belonging to the broker ITG, and button114 corresponds to an algorithm belonging to the broker Jefferies.According to other embodiments of the present invention, the buttons cancorrespond to other properties (as listed above) of electronic tradeorders.

As listed in the GUI 100, electronic trade order 104 has ITG Raider HIGHas a destination. Additionally, as shown in FIG. 1a , when electronictrade order 104 is selected, button 110 is a different color, or shownas depressed, and is not selectable (or already selected) because itcorresponds to the destination that electronic trade order 104 iscurrently submitted to (i.e., ITG Raider HIGH). Similarly, as shown inFIG. 1b , electronic trade order 102 has ITG Raider LOW as adestination. Thus, when electronic trade order 102 is selected, button112 is not selectable because it corresponds to the destination thatelectronic trade order 102 is currently submitted (i.e., ITG RaiderLOW).

In order to change the destination of electronic trade order 102 fromITG Raider LOW to ITG Raider HIGH, the user of the systems needs only toselect electronic trade order 102 and click on button 110 correspondingto the ITG Raider HIGH destination. Once these steps are taken, theelectronic trading improved graphical user interface executes a canceland replace order. That is, the electronic trading improved graphicaluser interface cancels electronic trade order 102 and places electronictrade order 116 having the new parameters, as shown in FIG. 1c . In thiscase, electronic trade order 116 is identical to electronic trade order102 in every way except that the destination is now ITG Raider HIGH.Thus, when electronic trade order 116 is selected, button 110 is notselectable because it corresponds to the destination that electronictrade order 116 is currently submitted (i.e., ITG Raider HIGH). This isan example where a cancel and replace order is used to change thedestination of an order at one broker.

FIG. 1d shows electronic trade order 106 is selected. Electronic tradeorder 106 has the destination Jefferies Blitz. In to change thedestination of electronic trade order 106 to ITG Raider HIGH, accordingto this embodiment, only the button 110 need be actuated. By clickingbutton 110, the electronic trading improved graphical user interfaceexecutes a synthetic cancel and replace order for electronic trade order106. That is, (1) the electronic trading improved graphical userinterface cancels electronic trade order 106 by, for example, sending acancel message (e.g., FIX) to the trade destination where the order isresiding; (2) the electronic trading improved graphical user interfacewaits for acknowledgement of the cancellation (e.g., confirmationmessage back from the trade destination); (3) the electronic tradingimproved graphical user interface calculates the remaining orderquantity to account for last-minute fills (e.g., fills made in betweenthe time that the user attempts to cancel the order and the time theorder is actually cancelled) (in this example there have been no lastminute fills); and (4) the electronic trading improved graphical userinterface sends new electronic trade order 108 to ITG to be executedusing the ITG Raider HIGH algorithm. As shown in FIG. 1e , electronictrade order 108 is identical in all respects to now cancelled electronictrade order 106, except that the destination has been changed to ITGRaider HIGH. While the synthetic cancel and replace process normallyinvolves detailed manual effort, the use of the present invention hidesthe complexities of the process from the traders, thus increasing theefficiency of the trader's interaction with their electronic tradingsystem.

FIG. 2 is an exemplary flow diagram for implementing the methods andsystems of the present invention. At step 202, electronic tradeinformation is retrieved by an electronic trading system, as describedboth above and below. For example, an EMS may be connected to marketdata facilities and memory facilities from which trade information canbe obtained.

At step 204, a graphical representation of the retrieved electronictrade information is displayed using an output device (such as acomputer monitor) to a user. According to an embodiment of the presentinvention, the graphical representation might be found in a row on ablotter screen of an EMS, as illustrated in FIGS. 1a -1 e. The skilledperson will readily understand that a traditional grid is not the onlyway to display such information and other ways are contemplated.

At step 206, an electronic indication that a graphical representation ofone electronic trade order has been selected is received. For example,an electronic message that the “focus” of the display has been shiftedto a particular row could be generated by the system, such as ahighlighting of that row. This would occur when a particular row on ablotter is selected by a user. Once a graphical representation of oneelectronic trade order has been selected, at step 208 one or morechangeable features of that order can displayed on the GUI. For example,two buttons might be displayed for altering a feature between twopositions. A non-selectable graphical representation of a first buttonthat lists current properties of the selected electronic trade order isdisplayed. A selectable graphical representation of a second button thatlists an available change to the current properties of the selectedelectronic trade order is also displayed.

At step 210, it is determined if the feature has been changed. Forexample, if a display component is actuated, such as if the secondbutton is selected. If the second button is not selected, i.e., no orderparameter has changed, the process ends at step 212. If an order featurehas changed, i.e., the second button has been selected, the processcontinues at step 214.

At step 214, the order parameter change is effected, for example, bysubmission of an electronic cancel and replace order to the algorithmicserver or corresponding trade venue. This order cancels the selectedelectronic trade order and places a replacement electronic trade orderhaving properties of the selected electronic trade order and at leastone changed property that is listed by the second button. As describedabove, there are two different types of cancel and replace orders,normal and synthetic. Depending on specifics of a situation eithercancel and replace type could be used. For example, if the new tradeorder is placed with a different broker than the cancelled trade order,a synthetic cancel and replace should be used.

At step 216, two altered buttons are displayed on the GUI. A selectablegraphical representation of an altered first button that lists anavailable change to the current properties of the selected electronictrade order is displayed. Additionally, a non-selectable graphicalrepresentation of an altered second button that lists current propertiesof the selected electronic trade order is displayed. Once the alteredgraphical representations of the buttons are displayed, the process canbe repeated.

FIG. 3 is a block diagram of an exemplary improved graphical userinterface diagram for an implementation of an embodiment of the presentinvention. According to an embodiment of the present invention, tradingclient computers 302 each have installed and/or execute OMS or EMSclients. Additionally, each of trading client computers 302 are inelectronic communication with an OMS or EMS database 304, which storeselectronic trade information for each attached user of the OMS.

According to an embodiment of the present invention, a user can place anelectronic trade order with a broker (in this example ITG), the tradingdesktop computer is configured to transmit or otherwise communicate anelectronic trade order, via an electronic communications network 306(such as the Internet), to ITG trade order server 308 which is stored intrade order database 310, which is in electronic communication with ITGtrade order server 308.

According to this example, the electronic trade order sent to ITG tradeorder server 308 is an algorithmic trade order, for example a Raidertrade order. The ITG trade order server 308 then works the orderaccording to the Raider algorithm by submitting portions of the order tovarious trade execution venues (such as Posit Now 312 a, NYSE 312 b, andNASDAQ 312 c) at specific prices and/or specific times. According to thepresent invention, once the electronic trade order is submitted to theITG trade order server 308, the OMS display on the trading clientcomputer 302 is altered to reflect the placed order.

As described above, the trading client can include a display, such asthat shown in FIGS. 1a -1 e. That GUI interface can include features fordisplaying the order and for changing parameters thereof. For example,when the electronic trade order is selected on the OMS display, two ormore buttons can be displayed that are associated with one or morefeatures or parameters associated with the selected order. One of thebuttons, which cannot be selected, displays current informationregarding the submitted trade order. Thus, this button could, forexample, display ITG Raider. At least one other button, which isselectable, displays information that is different from the currenttrade order information and would alter the properties of the tradeorder if selected. For example, the second button could displayJefferies Blitz.

According to this example, the user of the trading client computer 302,can click or otherwise actuate a second button displaying, for example,Jefferies Blitz. The improved graphical user interface s and systems ofthe present invention can be configured to execute a synthetic canceland replace order, as described herein, in response to the changerequest. In completing this process, the trade order at the ITG tradeorder server 308 is cancelled, including suborder portions, and a newtrade order is sent to Jefferies trade order server 314, via anelectronic communications network 306, and stored in trade orderdatabase 316, which is in electronic communication with Jefferies tradeorder server 314. According to this example, the trade order sent towith Jefferies trade order server 314 is an algorithmic trade order, forexample a blitz trade order. The Jefferies trade order server 314 thenworks the order according to the Blitz algorithm by submitting portionsof the order to various trade execution venues (such as Posit Now 312 a,NYSE 312 b, and NASDAQ 312 c) at specific prices and/or specific times.

According to the present invention, once the electronic trade order issubmitted to the Jefferies trade order server 314, the OMS display onthe trading client computer 302 is altered. Now when the electronictrade order is selected on the OMS display, display features can beprovided to show the parameters of this order and for changing thoseparameters. For example, a buttons, which cannot be selected, can beprovided to display current information regarding the submitted tradeorder. This button could, for example, display Jefferies Blitz. At leastone other button, which is selectable, can be provided for displayinginformation that is different from the current trade order informationand would alter the properties of the trade order if selected. Forexample, the second button could display ITG Raider.

FIG. 4 shows a particular device, such as a computer system, 420, thatcan be used as components of the invention to implement one or morefeatures of the systems and methods, described herein, according to apreferred embodiment of the invention. The computer improved graphicaluser interface 420 includes a central processing unit (CPU) 422, whichcommunicates with a set of input/output (I/O) devices 424 over a bus426. The I/O devices 424 may include a keyboard, mouse, video monitor,printer, etc. The computer improved graphical user interface 420 may bein electronic communication with an electronic data network. Thecomputer system, via an electronic data network (e.g., LAN or Internet),may access data storage devices, data feeds, additional processing, andother sources/repositories of computer readable data.

The CPU 422 also communicates with a computer-readable storage medium(e.g., conventional volatile or non-volatile data storage devices) 428(hereafter “memory 428”) over the bus 426. The interaction between a CPU422, I/O devices 424, a bus 426, and a memory 428 are well known in theart.

Memory 428 can include market and trade order data 430, which includesdata on securities (such as stock prices) and data on trade orders (suchas size, ticker symbol, and limit price).

The memory 428 also stores software 438. The software 438 may include anumber of modules 440 for implementing the steps of the processesdescribed herein. Conventional programming techniques may be used toimplement these modules. For example, software for implementing Theimproved graphical user interface s and systems of the present inventioncould be programmed using any number of computer programming languages,such as: C, C++, C#, Java, Visual Basic, etc.

The invention being thus described, it will be apparent to those skilledin the art that the same may be varied in many ways without departingfrom the spirit and scope of the invention. For example, rather thanusing buttons, other display components could be used, such asmouse-over features, drop down list, radio groups, tabs, etc. Further,the systems and methods could be customized to work this any number oftrading destinations and types of orders. Any and all such modificationsare intended to be included within the scope of the invention.

We claim:
 1. A improved graphical user interface for a computing devicehaving an electronic display and at least one input/output device, saidgraphical user interface comprising: a first display configured to bedisplayed on the computing device on a same screen with an electronicorder blotter display, and to display features relating to a pluralityof electronic trade orders displayed in said electronic order blotterdisplay; a second display configured to be displayed on said same screenand to display a plurality of current properties of a selected on of theplurality electronic trade orders displayed in said electronic orderblotter display; and a third display configured to be displayed on saidsame screen and to display at least one change that can be made to atleast one of the plurality of current properties, and to cause the atleast one change to be made to the selected one of the pluralityelectronic trade orders displayed in said electronic order blotterdisplay when said third display is actuated by a user via aninput/output device.
 2. The improved graphical user interface accordingto claim 1, wherein said third display includes a display buttonconfigured to make the at least one change when pressed via theinput/output device.
 3. The improved graphical user interface accordingto claim 1, wherein the at least one change is caused to be made byexecuting a trading module configured to generate and transmit over anelectronic data network, electronic order messages based on saidselected one of the plurality electronic trade orders and on said atleast one change.
 4. The improved graphical user interface according toclaim 3, wherein the electronic order messages include at least onesynthetic electronic cancel and replace order.
 5. The improved graphicaluser interface according to claim 1, wherein said second display isfurther configured to display data corresponding to trade parametersincluding quantity, order type, limit price, limit price offset,accounts, portfolio codes, regulatory identifications and flags, andalgorithmic trading parameters.
 6. The improved graphical user interfaceaccording to claim 1, wherein said second display is further configuredto display the same features regardless of current trading conditions.7. The improved graphical user interface according to claim 1, whereinsaid first, second and third displays are associated with first, second,and third program modules, respectively, and said first, second, andthird program modules are not part of any program modules of saidelectronic trade blotter.
 8. The improved graphical user interfaceaccording to claim 1, wherein at least on of said first, second andthird display is preset to display content based on a rule.
 9. Theimproved graphical user interface according to claim 8, wherein saidrule is based on broker direction, broker restriction, asset class,regional, or strategy.
 10. The improved graphical user interfaceaccording to claim 1, wherein said electronic trade blotter is capableof placing and monitoring electronic trade orders and of displayinginformation regarding the electronic trade orders, and includes a tradeorder database.
 11. The improved graphical user interface according toclaim 10, wherein at least one of said first, second, and third displaysis based on data in trade order database for an electronic trade orderplaced with at least one trade execution venue.
 12. The improvedgraphical user interface according to claim 11, wherein said orderblotter displays a grid of electronic trade orders in rows, each of therows being selectable, and said first, second and third displays areconfigured to update its respective display based on a selected row inthe grid.
 13. The improved graphical user interface according to claim12, wherein when said selected electronic trade order is highlighted onthe said grid, said first, second and third displays, collectivelydisplay graphical content for the highlighted electronic trade order.14. The improved graphical user interface according to claim 13, whereinsaid content includes content selected from ID, status, action, side,ticker, size of electronic trade order, type, destination, amount ofelectronic trade order still outstanding, amount of electronic tradeorder that has been executed, and owner.
 15. The improved graphical userinterface according to claim 13, wherein information regardingelectronic trade orders is updated based on placed electronic orders andselection of said second or third displays.